Gold steadies near 3-month high, bias is bullish- long around 1116, targets around 1125/1135, SL 1100
The yellow metal inched higher on Tuesday, with the metal reaching three month high at 1130 levels. The metal made gains, as market was underpinned by global growth concerns and sharp drop in oil prices pushed the invest…
The yellow metal inched higher on Tuesday, with the metal reaching three month high at 1130 levels. The metal made gains, as market was underpinned by global growth concerns and sharp drop in oil prices pushed the investors towards safe heaven assets.
The commodity inched higher in US session, however after failing to break resistance level located at 1130 level it has declined to trade around 1126 levels.
Any downside is expected to be limited around 1118 levels as the support level located at 1116 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
To the upside, the strong resistance can be seen 1130, a break above this level would expose the commodity towards 1138 levels.
To the downside immediate support can be seen at 1116, a break below at this level will open the door towards 110 levels.
Recommendation: Go long around 1116, targets around 1125/1135, SL 1100
